Question 14 Return Pricing Models - Which of the following is False? The APM is a more general model than the CAPM The CAPM is a single factor model The CAPM theory does not state what the best proxy variable for a risk-free rate is The APM model, when used in an empirical process to estimate sensitivities, can only capture systematic risk factors None of the above are false Question 15 APM - Which of the following is not a characteristic of the theoretical APM